The company that owns and operates marketsworld.com is named Marketstheworld Limited and is located at Grosvenor House, 66-67 Athol Street, Douglas, Isle of Man, IM1 1JE, Great Britain – it’s good that all information is out in the open, without secrecy. They also advertise they are regulated and licensed so let’s take a closer look into that: they are regulated all right, but by a regulatory authority that I never heard before: the Isle of Man GSC. After a little “investigation” I found out what GSC stands for: Gambling Supervision Commission and indeed, Marketstheworld Limited holds a GSC license since April 6, 2011. So they admit they are a gambling institution but although my first reaction as a trader would be to close the site and start looking for a broker, not a gambling agency, on second thought maybe the GSC regulation is better than no regulation at all. After all, if I can’t withdraw money from a non-regulated broker, what are my options, what can I do about it other than complain on forums? Nothing! The money is gone forever. I’m not saying that complaining to the GSC would do you any good in case of a problem but at least it’s a legal authority and you have a fighting chance.
Is MarketsWorld a Scam?
After spending quite a long time on their website, I have mixed feelings about Markets World. I have no clear indication that Markets World is a scam. I never saw a Binary broker regulated by a Gambling commission so that’s a first for me and I’m not sure what this regulation really means, but I wouldn’t take the chance of depositing real money with a firm licensed by a Gambling authority. The minimum deposit is just $20 and this can be looked at in two ways: you could think that they are not going to bother to scam you for 20 bucks but on the other hand, it might be a clever trick because if somebody gets scammed, they won’t take legal action for such a low amount. So…it’s a gamble. Would you gamble your money?
Update August 2016: They are in the business for a long time now, they haven’t changed their address or owning company and overall have withstood the test of time. They are not the best in business and don’t show strong improvements, but they are still here and this offers some peace of mind.
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Editor’s Note – Why does MarketsWorld Suck?
Their style is…amazing. Amazingly close to a casino. Yeah, I can feel the glamour immediately after entering the website and they hit me with all the “big guns”: I am shown the picture of a yacht, a supercar, a fancy limo in front of a red carpet (they forgot to show paparazzi around the limo) and of course, a glitter-ish girl. They couldn’t forget about the girl picture; after all, all the things a man-trader wants are there and that model is an important part of their marketing I guess. Let’s face it, most traders are in this business because they want money to buy all the things in those pictures and get a girl like that (probably paid for)…yea, but I don’t want to try to make all that money by gambling or with a broker that looks like a casino because… the house always wins.
Why MarketsWorld doesn’t Suck?
To be honest, I’ve been pleasantly surprised to find out they offer a Demo account. A real Demo account; and I can gain access to it by registering with just my name, a password and an e-mail (that e-mail doesn’t even need to be a real one). All brokers seem to be afraid to offer a Demo account and why they are so afraid of that is beyond my comprehension. Think about this: I go into a clothes store, I like a $200 jacket and I decide to try it on before buying it. Now, if the shop assistant would tell me that I have to give him $200 before I can try it on, I would probably tell him to shove off and I would leave that store, never to return. Markets World lets me try the jacket on before buying it and although this should be the standard in the Binary Options industry, unfortunately most brokers don’t offer this feature.
Should I Open an Account with MarketsWorld?
Ok, let’s talk a bit about their platform: according to Markets World, it’s a custom platform built by them but to be honest it doesn’t really live up to the industry standard. I had to move closer to the monitor to actually see the price graph and there’s nothing wrong with my eyes but the charts are too small and the platform looks cheap to me. Once I place a trade a 14 second countdown starts and once that gets to zero, my trade is placed. I don’t see the meaning of this countdown since during that time I cannot cancel my trade; and even if I could, why does it have to be that long? However, once I click on the trade, they inform me about the strike price and that exact price appears in my “Active trades” list so I really don’t understand what the countdown really does. Another mystery is why I have to wait up to three minutes after an option expires to find out if it’s ITM or OTM. Can we move a bit faster?
Update August 2016: The platform is still subpar and no major improvements have been made. It looks like a beta version, with extremely limited features and unappealing interface. The only available options types are Higher or Lower and the expiries start at 10 minutes (no 60 sec trading, a fact that disappoints a lot of traders). The 14 seconds delay has been eliminated, which is a good thing but the platform is still clunky and slow.
It seems like they are quite different from all the other brokers, with some good things and some bad things but what I really don’t get is their “Articles” section at the bottom of the page. This is the point where they totally lost me: they have articles about cars…Bugatti Veyron, Aston Martin, Pagani Zonda and an article titled “Vomiting Larry” which talks about some virus that produces projectile vomiting…I am sorry but there’s only one way of expressing my opinion about this: WTF?!!?
Update August 2016: The articles about cars and Vomiting Larry are now gone! In their place you can find market analysis, news and reviews. Looks like they’ve come to their senses…
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Markets World Complaints
Overall we couldn’t find any worrying complaints about Markets World; in fact most of the people out there said good things about them but the opinions are mixed and there are some guys that complain about price manipulation. However, no clear evidence of that could be discovered by us.
Markets World Bonus
They have a 100% bonus on your first deposit, only up to $300. To withdraw the bonus amount you will have to trade 20 times the bonus received. I would normally say that 100% is too much and that will make it difficult for me to withdraw it but since the volume needed is just 20 times the bonus amount (most other brokers confine me to a 30 time volume) and because it is limited to $1000, I will say it’s acceptable.
Markets World Withdrawal
The withdrawal request is processed within one day and it will take 3-7 business days until the money will reach your account. The minimum amount is $10, the lowest in the business. If you want to withdraw via wire transfer, they offer one free withdrawal per month and for any additional wire transfers made during the same month you will have to pay a $50 fee. Identification documents are only required “once you’ve withdrawn thousands of dollars in total” according to their customer support representative.
Markets World Extras
The free Demo account is by far an Extra. There are no strings attached, no questions asked. I am sorry that I have to consider a Demo account an Extra feature because it should really be common. But until more brokers offer it, it will remain an Extra and a good one I might add.
Markets World Ratings
User Friendly 15/20
Their website is offered in 9 languages including English, Russian, Italian, Spanish, French, German and a few more. So it covers some of the common languages. The trading charts are too small and there are some delays that I don’t understand but I certainly don’t consider those friendly at all.
Number of assets and expiry times 15/20
Here Markets World need some improving as they only offer 3 commodities, 9 currency pairs, 5 indices and no stocks. The expiry times range between 5, 10 minutes, half an hour and end of day. Unfortunately they don’t have any other type of option except HIGHER/LOWER, a fact that limits the trader quite a lot. No 60 seconds.
Commissions, Support and Effective return 16/20
There are no commissions or fees for deposit or withdrawal except the 50 dollars charged if you want to make more than one monthly wire transfer withdrawal. The payout is an amazing 90% but to be honest I only saw that in their pictures and I couldn’t find it on any asset available to trade; they offer no OTM refund. The support is quite helpful and polite but at times they seemed too eager to finish the conversation.
Deposit, Payment and Bonus 16/20
Minimum deposit is $10 which I consider excellent, the entire amount available in your trading account can be withdrawn to the credit card that you used for deposit and although the bonus is 100% (up to $1000) which is considered normal, the wager is high as 50 times the bonus amount. Processing time for withdrawals is one business day and the payment reaches you between 2 and 7 business days.
Website Extras 15/20
The Demo account rocks and I would give them a full 20/20 rating for the Extras…but the projectile vomiting article is an Extra too and unfortunately that takes away some points as I still can’t find the relation between vomiting and Binaries.
Update August 2016: The article mentioned above is gone now but the Demo account is not as impressive as it was a while ago because more and more brokers are offering it. However, it’s still a cool extra.
MarketsWorld Overall Ratings 77 + Regulated GSC (+3) = 80/100
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